Even though drivers insurance is probably the 2nd biggest expense for most households behind their home mortgage, individuals spend surprisingly little time researching and understanding their own auto insurance policies.
Whether you’re a new driver or old driver, you can save a significant amount of money by regularly comparing auto insurance quotes as well as taking basic steps to minimize your auto insurance costs. If you want cheap drivers insurance, pay attention because the information found on this site will save you hundreds, perhaps thousands of dollars a year in car insurance premiums. If you’re willing to put in a little bit of effort, you’ll realize that finding low cost drivers insurance and minimizing your insurance premiums isn’t as difficult as it may first seem.
Always Compare Car Insurance
This seems like an obvious tip, yet very few drivers and car owners actually request free drivers insurance quotes from multiple companies. Even those who do fail to realize that drivers insurance comparisons shouldn’t only be performed when you feel your drivers insurance is too high or you’re moving to a new jurisdiction – it should be performed every year.
Car insurance companies are constantly tinkering with the factors that affect your car insurance quote. This is the same reason why auto insurance quotes from different companies can be completely different, even when you’re requesting the exact same policy. Additionally, changes in your driving record, the vehicle you drive, your marital status, young drivers being added to your policy and other factors may affect your drivers insurance differently from year to year. By keeping the same car insurance policy year after year without requesting new quotes or comparisons, you may be spending significantly more on auto insurance than you need to.
Tips To Lower The Cost Of Driver’s Insurance
In addition to regularly shopping around for the lowest insurance rate, individuals should take proactive steps to ensure that they are receiving the lowest drivers insurance rate possible. Below are the key steps a diligent driver or car owner can take to minimize their insurance costs.
Sign Up For A Larger Deductible
The deductible is the portion of the insurance claim that the policy holder agrees to pay. Car insurance companies may reward drivers willing to take a higher deductible by offering them lower auto insurance premiums. However, it is important to note that a larger deductible means that the policy holder will have to pay a greater amount out of pocket, should they be involved in a motor vehicle accident. For drivers with a clean driving record and who drive carefully on the road, raising the deductible can potentially lower their insurance premiums by hundreds of dollars every year.
Choose A “Safe” Car
While there are obvious non-insurance related benefits to choosing conventionally safe vehicles, an added benefit is that it can lower your car insurance rate. Insurance companies determine their premiums based largely on a calculation of various risk factors and the costs associated with them. Drivers of Volvos for example, are statistically less likely to crash than the driver of a Mustang for example, thus choosing a Volvo may result in lower drivers insurance premiums and a cheaper auto insurance quote.
Many drivers mistakenly believe that the cost of their car determines the rate of their drivers insurance, but this is a myth. In reality, the cost of the car is only a factor insomuch as it affects the cost of a claim. A moderately priced vehicle that is frequently driven by young males who enjoy racing is likely to result in a greater overall cost to the insurance provider than a higher-end car that is driven primarily by cautious, middle aged parents.
Obey Traffic Laws & Drive Carefully
This may be the single most important influencing factor on the cost of your car insurance. While a speeding ticket or two may not have a significant impact on your drivers insurance premiums, a history of reckless driving, collisions and claims will definitely raise your drivers insurance. To insurance companies, a driver with a record of unsafe driving is statistically more likely to continue driving in an unsafe manner, costing the drivers insurance company more money and resulting in higher premiums for the driver.
If you’re looking for low cost drivers insurance and you have a spotty driving record, your first step should be to pull your foot off the pedal and drive with greater care. Doing so will result in tremendous savings over the long run thanks to lower drivers insurance premiums and fewer car repairs under the deductible amount.
New & Young Drivers Insurance
New drivers insurance is by far the most expensive for drivers between the ages of 16-25. Insurance for young drivers is expensive because of the statistical probability that young drivers will be involved in a motor vehicle accident. In addition to the steps taken by regular drivers to reduce their drivers insurance premiums such as maintaining a clean driving record, driving a safe car, and increasing their insurance deductible, there are also steps new drivers and young drivers alike can take in order to minimize the financial impact of being in a high risk demographic.
Remain Under Parents’ Insurance Policy
While this may not be an option for young drivers who live on their own, young drivers living under their parents’ roof can avoid high young driver’s insurance premiums by going through their parent’s insurance policy. Most insurance policies allow dependent children to be added as secondary drivers to their parents’ insurance plan and enjoy the benefits of their parents’ long driving history.
Complete A Safe Driving Course
While not available in every jurisdictions, certain jurisdictions offer additional driving training for young drivers. Completing these training courses may qualify them for drivers insurance discounts. Young drivers interested in obtaining low cost car insurance will want to contact their local department of motor vehicles and inquire about any approved driving safety courses that can lower insurance premiums.
Limit Driving Hours At Night
Statistics show that approximately half of accidents involving young drivers occur at night. By agreeing to forgot the right to drive at night, a young driver can reduce their statistical risk to an insurance provider, potentially resulting in lower premiums. It’s important to note that this option may only be available in some jurisdictions. In jurisdictions where this option is provided, insurance companies offer young drivers who agree to restrict their driving at night (12am-6am for example) reduced drivers insurance premiums.
Cheap Drivers Insurance
If you want further details about how you can find low cost drivers insurance, minimize your insurance premiums, and how to effectively shop around for cheap car insurance quotes online, feel free to take a look around our website. We offer a wealth of resources related to drivers insurance, including young & new driver’s insurance, obtaining auto insurance quotes and the best auto insurance companies.